Shenzhen’s 2017 Imports and Exports Reach RMB 2.8 Trillion, Maintains Lead in Exports Among Chinese Cities for 25th Consecutive Year
According to statistics from Shenzhen’s customs bureau, Shenzhen’s imports and exports were RMB 2.8 trillion in 2017, up 6.5% year-on-year, and accounting for 10.1% of China’s total imports and exports. Foreign trade kept increasing on a quarterly basis, with exports growing 5.5% to RMB 1.65 trillion, accounting for 10.8% of China’s total exports and ranking No.1 among Chinese cities for the 25th consecutive year.
Statistics showed that Shenzhen’s imports and exports continued to rise on a quarterly basis in 2017, registering faster growth in the second half of 2017. The biggest highlight of Shenzhen’s foreign trade in 2017 was that its trade partners came from a wider range of countries and regions.
Statistics showed that Shenzhen registered an over 10% growth in imports and exports with the United States, the European Union, South Korea and Australia in 2017. With the implementation of the "Belt and Road" Initiative, Shenzhen expanded imports and exports with emerging markets. Shenzhen’s imports and exports with countries along the "Belt and Road" grew 16.4% from a year earlier to RMB 542.28 billion in 2017, with exports surging 13.2% to RMB 307.71 billion. The city’s imports and exports with ASEAN grew 19.2%.
Mechanical and electrical products still accounted for the largest portion of Shenzhen’s exports, with shipments of mechanical and electrical products increasing by 1.7% to RMB 1.25 trillion, and accounting for 75.8% of the city’s total exports. However exports of electronic products such as phones, laptops and tablets fell. Labor-intensive products continued to rebound with exports growing 11.9%, among which toys and jewelry saw a substantial rise.
On imports, Shenzhen imported RMB 394.07 billion worth of integrated circuits, the biggest among all categories. Imports of medical instruments and drugs surged 16.6% and 23%, respectively. In terms of commodities, imports of grains surged 22.9%, while imports of fresh and dried fruits and nuts fell by 4.6%.
According to an analysis by Shenzhen customs, the global economy is recovering better than expected and demand is growing in the international market. China is experiencing steady economic growth and an improving business environment, all of which provided a favorable environment for foreign trade to grow.